Bitcoin rebounds above $61,000 as U.S. spot ETF outflows persist
Crypto markets remain under pressure after a sharp selloff earlier in the week, but bitcoin is trading back above $61,000 on Thursday. The recovery comes as U.S. spot bitcoin ETFs continue to post heavy redemptions, even as some market data points to accumulation by longer-term holders.
Highlights
- Bitcoin rebounds above $61,000 after hitting a 21-month low, despite U.S. spot bitcoin ETFs logging $296 million in net outflows on July 1.
- Spot bitcoin ETFs experienced $4.5 billion in outflows in June 2024, their worst monthly performance since launch in January 2024.
- Spot ether ETFs attract $14.8 million in net inflows, led by BlackRock's ETHA with $36.6 million, outperforming bitcoin ETFs during the same period.
ETF flows and price recovery
The Block reports that bitcoin is trading above $61,000 on Thursday after dropping to a 21-month low earlier in the week, based on the outlet's prices page.U.S. spot bitcoin exchange-traded funds record a net outflow of $296 million on July 1. Within that group, the Grayscale Bitcoin Mini Trust ETF posts the largest single-day inflow at $36.3 million.
Spot ether ETFs perform better, taking in a net $14.8 million. BlackRock's ETHA leads those inflows with $36.6 million.
Pressure on crypto investment products
The latest fund movements follow a weak June for bitcoin ETF demand. Spot bitcoin ETFs shed $4.5 billion during the month, marking their worst performance since their launch in January 2024.The divergence between bitcoin's price rebound and continued ETF selling suggests institutional demand remains uneven. At the same time, references in the market summary to long-term holder accumulation indicate some investors are using the recent weakness to build positions despite sustained fund outflows.
In our earlier coverage, Bitcoin’s rebound toward the $61,000 area was framed as a reaction to softer U.S. data and easing rate-hike expectations, supported by lower Treasury yields and a weaker dollar. We also noted that U.S. spot Bitcoin ETF outflows remained a key headwind, keeping institutional demand fragile and limiting the durability of any bounce. The article highlighted that technical resistance and upcoming macro releases could determine whether the move extends or fades.
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